The Assistant Treasurer Arthur Sinodinos has confirmed that the Coalition government will amend the FoFA regulation before the end of the year and will draft it into legislation by early February 2014.
Sinodinos has told advisers at the Association of Independently Owned Financial Professionals (AIOFP) Conference in Hobart that, “I will be seeking to bring a package of amendments to Federal Cabinet before the end of this year on what the Abbott Government will be implementing.”
The move by the coalition government comes after Sinodinos recently made his maiden policy speech as the newly elected assistant treasurer commenting that FOFA was “unnecessarily complex” and imposed a “significant regulatory burden on industry.” Sinodinos revealed that “time sensitive amendments will be dealt with through regulations and then locked in to legislation.”
The Senator said that, “the Government is as committed to these reforms as we were during the election campaign,” but conceded that they won’t rush into implementing change in the industry but confirmed “I want to have legislation drafted by early February 2014, introduced into Parliament in the autumn sittings and passed during the 2014 winter sittings. This process will provide certainty.”